PSX drives governance, sustainability initiatives for market growth

May 08, 2023 (MLN): The governance and sustainability efforts of the Pakistan Stock Exchange (PSX) were praised by its Chairperson, Dr. Shamshad Akhtar on Monday during the gong ceremony held at PSX to celebrate twenty years of commitment by CFA Society Pakistan (CFASP).

Welcoming the distinguished guests, Dr. Shamshad stated that the CFA Institute and CFA Society Pakistan are important partners for PSX, according to the press statement issued by the local bourse.

"Together, we promote best practices in corporate governance, such as transparent reporting, ethical standards, board diversity, risk management, etc. while serving the interests of stakeholders", she added.

Collaboration between CFA, capital market institutions, and regulators is growing. The common interest is to help corporates transform the businesses to implement the sustainable development goals and three pillars of ESG, the statement said.

PSX-PICG Task Force, including industry practitioners, launched ESG advocacy a few years back, emphasizing its value proposition, developing across PSX clients, the understanding of technicalities and challenges of its architecture, and multi-benefits in terms of financial and non-financial returns, it added.

“At CFA Institute we are committed to advancing ethics and market integrity in the financial industry through ESG investing and analysis," Mr. Nick Pollard, Managing Director at Asia Pacific CFA Institute said during his keynote address.

"As I look at Pakistan, I see a country that has set ambitious sustainability targets and is taking concrete steps toward achieving them,", he added.

The Pakistan Stock Exchange and financial industry must promote sustainable investing and ensure reliable disclosures and governance mechanisms with support from CFA Society Pakistan and stakeholders, as sustainable investing requires a collective effort, investor education, and transparent disclosures.

Mr. Mohammad Shoaib, CFA, Director at CFA Society Pakistan stated, “It gives me immense pleasure to celebrate with everyone two decades of CFA Society Pakistan,"

The society has moved from strength to strength thanks to the commitment of our volunteers and staff who all worked together to make the Society a strong agent for change in capital markets of the country – promoting the highest standard of ethics and professional excellence.

Over the years, the society has worked closely with regulators, employers, universities, various associations, and all stakeholders in general, and has provided invaluable contributions in terms of exposure to Global Standards and best practices by promoting standards such as Global Investment Performance Standards (GIPs®), Code of Ethics and Standards, and the Asset Manager Code ™ developed by CFA Institute.

The ceremony was held to elevate and promote excellence in the investment profession. Mr. Nick Pollard, Managing Director, Asia Pacific, CFA Institute, and Ms. Reseena Abdullah, Director, Partnerships & Client Solutions Asia Pacific, CFA Institute, had joined the event from CFA Institute. Senior representatives of CFA Society of Pakistan including Mr. Mohammad Shoaib, Director, CFASP, and Ms. Sarwat Ahson, Executive Director, CFASP, participated in the event.

Industry leaders and leading market participants from different banks, brokerage houses and businesses were also present at the gong ceremony.

The CFA Institute and its local representative body, CFA Society of Pakistan, have been actively engaged in advancing the highest standards of professional conduct, code of ethics, and professional excellence in the investment and finance professions.

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